Sixteen of the major mortgage lenders were asked to reform their foreclosure process by the federal government. The Feds are now requiring the banks to repay homeowners who had their homes wrongfully foreclosed. They are also being required to hire auditors to review foreclosures from 2009 and 2010. The banks allowed third parties to handle their foreclosures and consequentially many people lost their wrongfully lost their homes. Until the banks have their foreclosures audited it will be hard to determine how many people were affected by their negligent practices. Some of the banks that used fast-track foreclosure firms include JP Morgan Chase, Bank of America, Wells Fargo and Citigroup.
The reforms may come a little too late for the many people who already lost their homes as the exact amount that the banks should repay hasn’t been clearly defined. If a homeowner feels as though they were wrongfully displaced hiring a foreclosure attorney to review their case may result in compensation for their troubles.
The foreclosure crisis has hit many homeowners very hard but the aid of a foreclosure lawyer can help a person keep their home. Many different factors can lead to a foreclosure like unemployment, serious illness or death of a spouse. No matter what the reason there are options to avoid the loss of a home. If mortgage relief isn’t accepted by the banks then a homeowner can hire an experienced foreclosure attorney to represent them in court and work to keeping them in their homes.
